Despite Jim Cramer’s bearish prediction, Bitcoin rises by 30%, proving its resilience and drawing humor from the crypto community.
Key Takeaways:
- Bitcoin defies Jim Cramer’s bearish prediction, surging by 30%.
- Pro-XRP lawyer John Deaton humorously thanks Cramer for his Bitcoin forecasts.
- Deaton bought Bitcoin after Cramer’s negative call, joining others who see it as a bullish signal.
- Despite Cramer’s criticism, Bitcoin’s price stands at $34,410.16, demonstrating resilience.
Bitcoin has once again proven its resilience in the face of bearish predictions, this time defying CNBC Mad Money host Jim Cramer’s recent forecast of a significant downturn. Cramer, known for his skeptical stance on cryptocurrencies, had suggested that Bitcoin’s price was about to plummet.
However, since Cramer’s prediction, Bitcoin’s price has not only held steady but has actually increased by approximately 30%. This development highlights a recurring pattern in recent times where Bitcoin’s performance seems to move in the opposite direction of Jim Cramer’s projections.
Bitcoin is up almost 30% since Jim Cramer said:
“Mr. Bitcoin is about to go down big!”
That was 13 days ago! 🤣 ☠️ #bitcoin pic.twitter.com/qBXjRiQWZF
— Neil Jacobs (@NeilJacobs) October 24, 2023
Jim Cramer Bitcoin Predictions
Jim Cramer’s predictions regarding cryptocurrencies have often been met with skepticism by the crypto community, who often humorously suggest doing the opposite of what he recommends.
In early 2022, Cramer believed that the market correction had concluded and advised increasing investments in Bitcoin. However, the market continued on a downward trajectory, and events like the FTX meltdown marked the latter part of 2022.
In a recent post, Pro-XRP attorney John Deaton acknowledged Cramer’s bearish call on Bitcoin. He humorously appreciated Cramer for making the call and, interestingly, decided to take advantage of the situation by buying one Bitcoin rather than selling, as a matter of principle.
John Deaton is not alone in viewing Cramer’s negative crypto calls as potential buy signals. When Cramer declared “Crypto has no value” during the crypto winter in July 2022, the market, instead of heeding the warning, perceived it as a bullish prediction.
Jim Cramer, once an early crypto believer, has now become one of Bitcoin’s most vocal critics. He not only deems Bitcoin’s $100,000 price target as unrealistic but also anticipates an imminent crash to $0.
Cramer’s opinions on various crypto-related subjects have stirred controversy within the ecosystem, with his criticism extending to projects like Cardano. This dynamic has led to engaging debates between John Deaton and Jim Cramer on Crypto X, as the former defends crypto innovations while the latter remains critical.
Bitcoin Performance
Bitcoin’s ability to prove its critics wrong remains a testament to its resilience.
The cryptocurrency currently boasts a price of $34,410.16, representing an 11% increase driven by sustained buyer interest.
This surge has also led to a corresponding jump in market capitalization to $671,820,686,306 and a 177% rise in trading volume to $52,865,230,325. As a result, Bitcoin continues to outperform most mainstream investment assets.
Bitcoin’s performance this year has also validated MicroStrategy’s investment portfolio, challenging predictions that their Bitcoin bet would negatively impact their business, as suggested by Peter Schiff.
Concluding Thoughts
Bitcoin’s ability to defy bearish predictions showcases its resilience and underlying strength. While Jim Cramer’s skepticism has garnered attention, it’s important to recognize that Bitcoin’s fundamentals and market dynamics often operate independently of individual forecasts.
As the crypto space continues to evolve, it’s clear that Bitcoin remains a prominent and robust player in the digital asset landscape.
